Commercial Investment

03 November 2017

This case demonstrates the effectiveness of Shawbrook's network of panel solicitors via its in-house legal partners, Pure Law. The panel was a fundamental driver in achieving completion just 6 business days after the offer was issued.

Significant cost-savings were made with a looming redemption deadline from a separate bridging lender, who was charging a penal rate of interest on the loan. Although the initial plan was to proceed on a non-representation basis, (where solicitors only act for Shawbrook and the customer proceeds on the advice of the broker), it became clear that a full title investigation would be necessary due to some uncertainty concerning the planning arrangements on a previously unsuccessful but related application to the Bank

A member of the panel was engaged soon after, with the ambitious completion timescale necessitating a thorough and swift response to all outstanding items as the customer was facing an increased redemption penalty of between £13k and £30K.

 Broker "Advocate Finance" worked with all involved parties and negotiated a carry-over of the same redemption figure, thereby ensuring that the client avoided penalty and allowing the case to complete on time.

Shawbrook comment:

"When used under the right circumstances the solicitor panel is an effective way of ensuring that a conveyancer that understands the process, as well as our requirements, is involved in the case. This helps make the journey to completion a smooth one and, along with the ever-professional Advocate Finance giving guidance, the customer received a funding package and a service that met expectations"